Magnite (NASDAQ:MGNI) Shares Gap Up Following Analyst Upgrade

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $16.10, but opened at $16.58. Royal Bank of Canada currently has an outperform rating on the stock. Magnite shares last traded at $16.94, with a volume of 119,368 shares changing hands.

Several other brokerages have also recently weighed in on MGNI. Wells Fargo & Company started coverage on shares of Magnite in a research note on Monday, October 28th. They set an "equal weight" rating and a $13.00 price objective on the stock. Benchmark restated a "buy" rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Macquarie reaffirmed an "outperform" rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.19.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 11,644 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total value of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares of the company's stock, valued at $6,590,121.96. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the firm's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares in the company, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

Several large investors have recently modified their holdings of MGNI. Asset Dedication LLC bought a new stake in Magnite in the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after buying an additional 3,972 shares during the period. Quarry LP grew its holdings in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after buying an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Magnite in the 2nd quarter valued at approximately $93,000. Finally, Blue Trust Inc. lifted its stake in Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock valued at $105,000 after acquiring an additional 3,689 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 6.4 %

The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a P/E/G ratio of 1.35 and a beta of 2.50. The business has a 50-day simple moving average of $15.69 and a two-hundred day simple moving average of $14.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.